§ 1110. Exculpatory provisions; insurance
(a)
Except as provided in sections
1105
(b)(1) and
1105
(d) of this title, any provision in an agreement or instrument which purports to relieve a fiduciary from responsibility or liability for any responsibility, obligation, or duty under this part shall be void as against public policy.
(b)
Nothing in this subpart [1] shall preclude—
(1)
a plan from purchasing insurance for its fiduciaries or for itself to cover liability or losses occurring by reason of the act or omission of a fiduciary, if such insurance permits recourse by the insurer against the fiduciary in the case of a breach of a fiduciary obligation by such fiduciary;
[1] So in original. This part does not contain subparts.